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Msg  5983 of 6132  at  11/29/2023 9:36:29 AM  by

gr0operator


Employemnt Openings

Remains under 50. Overtime Cirrus will continue to bleed slowly employees, With the 22 nm development over and the new amp etc over, there must be a lot resources now available. Wonder what they will be put to work on? Also what is important is that future revenue growth won;t be masked by increased fixed costs. This could be an interesting time coming ahead.

Data, on your PC comments, may I add this. The numbers management discussed in the last cc point right at only a 10-15% penetration at $250 to $200 million in revenue. Before when this was talked about the SAM was portrayed at $1.3 billion. There are about 200 million a year in laptops sold so at what percentage is the highend and high mid end. In phones those numbers are about 30% not 10-15. My guess is that a third of the laptop market will generate closer to 60 times 7 for $400 million at somepoint. I think margins will be in the middle 50s has generic catalog parts generally run higher by a little.

CRUS Fan you asked about what earnings might be in a few years and I answered that I dropped under $20. The big reason is the above discussed scale back in PC revenue and the loss of the $1 part. I had been looking $800 million not $400 and $200 million for the button loss. Together down the road that is 5 bucks of earnings. in a few year, tax rates will back at 15%, and share count will be under 50 million, so each $100 million is about ninety cents in earnings. Now, that isn't today's number but that is what in a few years it will be.

But, in the long-term a lot of really good stuff is coming. In the Cirrus phone ASP slide there is still a hole for new product gains. What is it? Here is the slide comment, "Continued investment in new technology areas expected to drive additional content opportunities." ASP increases are coming within existing parts but what again is the new line?

When you look at the near-term, Cirrus is down 200 million from Android/other product stuff channels. That will come back over the next few years. We have the new codec and amps and haptics. PC revenue is coming. And a new product line. And then there is the idea thrown out about front end phone power control with no other comment, except it isn't this comong or the following year. The last time Cirrus was so coy about discussing this was with the headset convertors. About 2-3 years ahead, Jason discussed meaningful headset designs wins coming. Then in the January before the launch, the prepared remarks claimed signficant revenue coming the second half of the year. When asked at the cc, well we have a major content gain of such size that we know revenue will grow and it is in the headset area. When Cirrus gets coy it is usally Apple though I don't know. Could this be the product? It this is Apple it will start in the phone and spread. It is $400 million adder again 4 years down the road. So maybe $25 bucks is a real target again esp if this is heading into Android.

A lot of coy positioning right now with management which usually means they have a level of surity of some big revenue wins coming and can't discuss them.

We shall see. Never a dull moment with Cirrus. Never.

Mark


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